Investment strategist Byron Wien said robust corporate earnings are propelling the stock market seemingly to daily record highs as investor hope for President Donald Trump’s economic-growth goals seem to be stalled for the moment.
“At the beginning of the year, I thought the Trump pro-growth program was propelling the market,” Wien, vice chairman of the private wealth solutions group at Blackstone, told CNBC.
“But now, we have a situation where it looks like he’ll get very little of his pro-growth agenda through, but earnings are coming in better than expected, and that’s driving the market higher,” Wien said.
“I thought the market was ahead of itself, but earnings are coming in better than expected, and that’s keeping the correction from happening,” Wien said.
“I’m worried that the Trump administration gets itself into trouble,” he said. “Right now it’s not doing any good, but it’s not doing any bad either. So